The Impact of Artificial Intelligence on Accounting Profession: A Concept Paper

Abstract

This study examines the impact of artificial intelligence (AI) on the accounting profession. It systematically investigates the impacts in which AI technologies have reformed the accounting field, redefining the roles and responsibilities of accountants. Using literature review, this study sheds light on the impact of AI on the accounting profession. The results of this study mostly found that the impact of AI on accounting profession can be divided into three themes; (i) automation of routine tasks; (ii) enhanced data analysis and (iii) value-added of the professional roles. The automation of routine tasks includes data entry, validation and transaction processing, while for enhanced data analysis, it includes predictive analytics and decision support. AI also has impacted in terms of value-added of the professional roles which comprise of increasing scalability and cost savings and focus on higher value activities. The findings of this study suggest that the accounting profession is evolving in response to AI technology, and accountants should embrace these changes to harness the full potential of AI in their work.